opensky Secured Visa Card review

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The Petal® 2 "Cash Back, No Fees" Visa® Credit Card is no longer available to new applicants.

The opensky® Secured Visa® Credit Card is a secured credit card with a high approval rate. If you have no credit history or poor credit, this easy-to-get credit card can help you improve your credit. The key is to pay your credit card on time and in full each month as your payments will be reported to all three major credit bureaus.

CNBC Select details the rewards, benefits and fees of the opensky Secured Visa Credit Card to help you decide if it's right for you.

The opensky® Secured Visa® Credit Card offers no welcome bonus, which is common for secured credit cards.

The opensky® Secured Visa® Credit Card isn't a great option if you're looking for perks or protections. Its main value lies in its ability to help you fill out your credit history or improve a weak credit score. Your payments are reported to all three major credit bureaus (Experian, Equifax and TransUnion), which can help improve your credit score as long as you pay your monthly bill on time.

While this is a secured credit card, it provides a path to upgrading to an unsecured credit card in as little as six months. If you're invited to upgrade to the opensky Gold Visa® Credit Card, there are no deposit, application or credit check requirements.

The opensky® Secured Visa® Credit Card isn't designed to be a rewards credit card, but you can earn up to 10% back on select purchases through the opensky Rewards program. Offers from select merchants are linked to your card and when you make an eligible purchase you'll automatically receive the cashback as a statement credit within 120 days.

There is no enrollment or activation required to participate in opensky Rewards, all opensky credit cards automatically participate in the program.

The opensky® Secured Visa® Credit Card has a $35 annual fee and a 23.89% variable APR. The late payment fee is up to $41 and the returned payment fee is up to $40. It has a 3% foreign transaction fee.

opensky® Secured Visa® Credit Card vs. Discover it® Secured Credit Card

The Discover it® Secured Credit Card has several significant advantages over the opensky Secured Visa if you can qualify for it. It has no annual fee and no foreign transaction fees, so it's cheaper to keep and use for overseas travel.

The Discover it Secured Credit Card also earns rewards on every purchase, bonus rewards at gas stations and restaurants and offers a generous welcome bonus. These are valuable features that are rare to find attached to a secured credit card.

It even has the same $200 minimum deposit requirement. If you can qualify for the Discover it Secured Credit Card, then it's a better option for building or rebuilding credit.

Learn more: Discover it® Secured Credit Card

opensky® Secured Visa® Credit Card vs. Petal® 2 "Cash Back, No Fees" Visa® Credit Card

The Petal® 2 "Cash Back, No Fees" Visa® Credit Card stands out because it has no annual fee, no late fee, no returned payment fee and no foreign transaction fee. It also earns up to 1.5% cash back on every purchase, plus bonus cash back at select merchants.

While the Petal 2 is cheaper and more rewarding than the opensky Secured Visa Credit Card, it is an unsecured credit card, meaning it can be harder to get. If you have a credit score, that is considered when you apply, and you'll typically need a fair credit score or higher (580+ FICO Score).

However, Petal also considers what it calls your Cash Score, which is based on your income and expenses. The Cash Score can also help you get approved if you have no credit history.

Learn more: Petal® 2 "Cash Back, No Fees" Visa® Credit Card

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The opensky® Secured Visa® Credit Card is easy to qualify for, which makes it a potentially useful option for rebuilding your credit. As long as you make your payments on time, and pay your balance in full every month, this card can help you establish your credit history or improve your credit score.

However, there are similar credit cards with more benefits and no annual fee. Explore options like the Discover it® Secured Credit Card to see if you qualify before you consider the opensky Secured Visa.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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Petal 2 Visa Credit Card issued by WebBank.

For rates and fees of the Discover it® Secured Credit Card, click here.